Bay West Equities acquired the three-building project on 4.78 acres at 2232, 2234, and 2236 Rutherford Rd. from SM/CT Partners LP, an entity of Koll Bren Schreiber Realty Investors of Newport Beach. Koll Bren was selling the asset as part of a portfolio realignment strategy.
The property is 100% leased to eight tenants, including a 21,075-sf 24 Hour Fitness. The site is the health club's regional administrative office and is the site for its world-wide computer system with which they track the membership of their 439 club locations in 17 countries. Another 15,861 sf is occupied by Australia-based Biota Inc. for its U.S.-based biotech facility.
Bay West's financing representatives were John Sikora and Jeff Eliason, senior vice presidents of Buchanan Street Partners' San Francisco office. Andrew Meyers and Dennis Visser of BRE Commercial/NAI in San Diego and Carlsbad represented the buyer and seller in this transaction.
Jerry Lynch, CEO of Bay West, called the deal "an excellent intrinsic buy of a well-located, strategic flex office property which will generate favorable returns for our investors."
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